In the modern money-focused world, anything has its own value. Even a natural phenomenon like a snowstorm or frost can be measured in money terms. Scholars in the UK have estimated losses incurred by the domestic economy amid the Siberian blast.
On the whole, winter in the UK was mild this year. However, the country went through a week of severe frost and a snowstorm in late February. The so-called Beast from the East inflicted heavy losses on the public budget. According to flash estimates, the government allocated at least GBP 1 billion (USD 1.38 billion) each of the frosty days in a struggle for heated homes and clean roads. The UK construction sector suffered losses of nearly GBP 2 billion (USD 2.76 billion) in the final three coldest days last week.
Moreover, the blizzard can also account for a large decrease in the gross domestic product. Experts say the UK GDP might contract twice in Q1 of 2018 to 0.2% from the expected 0.4%.
